My "Take" on Current Affairs as of July 12th...

*GREECE -- I don't think we'll see a final resolution with their requested bailout package from the EU until after the next Fed mtg. on July 28/29th -- UPDATE: Agreement reached among leaders July 13th, but needs to be ratified by respective governments

*IRAN-- I don't think we'll see a final agreement on the nuclear talks with the P5 +1 until after the next Fed mtg. on July 28/29th --

UPDATE: Agreement reached among negotiators July 14th, but needs to be ratified by respective governments

*CHINA-- We may not see the next major leg down on the Shanghai Index until after the next Fed mtg. on July 28/29th

So, world market participants may be in a "buy-the-rumour-sell-the-news" mood until then...making for quite whippy and volatile overnight and intraday moves above and below their current price levels in major markets, in the meantime, before establishing new trends for 2015. Stay tuned for updates...